EMV Chip Education on Visa - Other News

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EMV Chip Education on Visa

Visa has partnered with financial institutions and merchants around the country to launch a national awareness campaign aimed at educating both consumers and merchants about the new EMV and chip cards being rolled out.

In a study by Visa, 52% of people and 84% of small- and medium-sized merchants indicated that they are aware that the new technology is coming and felt that it could increase credit card security. “The adoption of chip technology has the potential to virtually eliminate counterfeit fraud when widely adopted, and will help consumers feel more confident about using their payment cards,” said Ellen Richey, chief enterprise risk officer of Visa.

Education, education, education

The campaign’s kick off includes the roll out of Visachip.com, a microsite designed to educate consumers on the new technology. The site provides people with information on the benefits of EMV cards, as well as how-to demos so consumers know how to use the new cards when they checkout.

When the new cards are sent out, the package will include special educational materials so cardholders will know how to use them. People will also find special materials at registers letting them know the ins and outs of using the new cards.

They will also work with local chambers of commerce to have town hall sessions, offering hands on demonstrations on how to use the technology.

Merchant education includes partnering with merchant trade groups in order to educate small- and medium-sized businesses about the technology and how to process the new cards.

As part of the initiative, Visa has teamed up with organizations like Bloomberg Government and The Center for Democracy and Technology to help educate business and policy leaders about the new security measures.

Consumers want to know more

With retail security breaches fresh in consumers’ minds, Visa’s study found that consumers want to know more about EMV technology and how to use it.

Yet only a third (33%) said they felt confident that if their issuer gave them a chip card today they could use it at the register with little or no issues.

The study also found more than half of the people surveyed know that this technology can enhance security, and of those who know about its security benefits, 73% believe it is better at keeping their data safe than cards outfitted with magnetic strips.

The national telephone polled 1,000 credit or debit cardholders from September 18 to 21. They also spoke with merchants with annual revenues between $100,000 and $24,999,999.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.

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